SBICAP: Lenders appoint SBI Caps as advisor for Rs 2,000 cr debt resolution of VIPL

Lenders of Vidarbha Industries Power Ltd (VIPL), a subsidiary of Reliance Power, have appointed SBI Caps as an advisor for its debt resolution process, sources said. As per the terms of reference, SBI Caps will invite bids for the sale or one time settlement (OTS) of VIPL debt. It will also lay down evaluation criteria and recommendations for the anchor bidder. SBI Caps will follow a fair and transparent process to ensure the resolution of VIPL's over Rs 2,000 crore outstanding debt, said a source close to the development. The responsibility of conducting the Swiss Challenge process to maximise the recovery for lenders will also lie with SBI Caps, they said. The deadline to complete the resolution process by SBI Caps is September 30. The terms of reference say that SBI Caps, while executing the process, will ensure compliance with the RBI guidelines of June 8, 2023, for the sale of VIPL debt and OTS. The appointment of SBI Caps comes at a time when VIPL lenders have received thr